Saturday, March 10, 2018

Uber Is Looking for Someone to Lend Them $1.25 Billion (£900m)

Uber has
confirmed that it is looking to secure a $1.25bn (£900m) leveraged loan,
less than a month after revealing that its losses ballooned to $4.5bn
last year.

The ride-hailing company is thought to be contacting loan investors
directly over the financing, which was first reported by Bloomberg, with
Uber expected to meet with investors on Friday.

By choosing to raise funds
through debt rather than equity, this will mean Uber's existing
shareholder base will not be diluted.

It comes just over a year and a half after Uber last tapped the
leverage loan market, when it raised $1.15bn, with those funds having
been used to help Uber expand globally, as well as invest further in
research and development.

Last month, the company said its sales had increased 61pc in 2017,
hitting $7.5bn, but its losses widened to $4.5bn from $2.8bn in 2016 due
to heavy writedowns and legal expenses....MORE